What is the best way to get a lower mobile home payment?

Question by lilmama: What is the best way to get a lower mobile home payment?
We’ve been living her for 4 years now. Always made our payments on time. The mortgage company we have doesn’t refinance mobile homes. We’ve looked into other companies, but unless you have brick underpinning they won’t do anything for you. I’ve tried selling this place but no real estate agent will talk to me because it’s so hard to sell a mobile home. When we bought this place, the company said we could always refinance in a few years to get a lower payment. They weren’t willing to do brick underpinning because it wasn’t within the loan amount, and we got the least expensive home on there lot. I admit we had bad credit at the time, but our credit has improved considerable since buying this home. We have 3 kids and one on the way and it’s only a 3 bedroom home. I want to add on to this home or find a home that we can afford and is bigger. What do you suggest?

Best answer:

Answer by hunter2Do the brick underpinning. It can be done as a DYI project. Do your homework and shop for the materials and you will never regret this project.

This is the only way you will ever get that baby refied or sold, Just do it!!

Trying to sell a mobile home is almost impossible because they don’t really appreciate. You get what you pay for. They are a lot like cars…de-preciate as soon as you take them off the lot.

I would try to find a renter for your home and then qualify for a zero down loan on a new stick-built house. You can’t really take out a home equity loan on your type of house so you’d have to come up with the money for the addition to be built. Besides, you really shouldn’t sink any $ into the home as you will never get it back in the end.